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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Aircraft Engine Market Outlook

The global aircraft engine market size attained a value of 95.1 billion in 2023. The market is expected to grow at a CAGR of 7.3% between 2024 and 2032, reaching almost 179.3 billion  by 2032.

Global Aircraft Engine Market

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North America to Dominate the Global Aircraft Engine Industry

Regionally, North America is expected to have the largest share in the global market for aircraft engine. This can be attributed to the presence of vast aviation sector and key global players, such as GE Aviation and Honeywell International Inc., in the United States. The increasing military expenditure by the Unites States is expected to propel the regional market growth. Additionally, the increasing technological advancements and the growing investments by the aircraft engine manufacturers to produce light weight compact engines with enhanced fuel efficiency are expected to propel the industry further.  Meanwhile, the Asia Pacific is projected to witness a significant growth in the forecast period due to the rapid development of the aviation industry. Additionally, the increasing defence budgets and growing air fleet in emerging countries such as India and China, coupled with the rapidly developing industrial sector, are projected to contribute to the regional growth.

Aircraft Engine: Market Segmentation

Aircraft engines are primary power generating devices in the aircraft propulsion system. They are used to generate mechanical power and lift by drawing the air through inlet followed by compression, mixing with fuel, and combusting it. The expulsion of the hot and fast-moving gas through the exhaust propels the rocket. The growing global demand and increasing environmental concerns are leading to continuous technological advancements by manufacturers in order to improve fuel efficiency and performance.

Global Aircraft Engine Market

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On the basis of engine type, the market is segmented into:

  • Turboprop
  • Turboshaft
  • Turbofan
  • Piston Engine
  • Others

Based on wing type, the market is divided into:

  • Fixed Wing
  • Rotary Wing

The industry, on the basis of aircraft type, is categorised into:

  • Commercial
  • Military
  • General
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Aircraft Engine Market

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Rapid Technological Advancements to Improve Fuel Efficiency and Performance to Aid the Growth of the Aircraft Engine Industry

The global market for aircraft engine is being driven by the increasing technological advancements in the aviation industry. The increasing focus of the aircraft component manufacturers to enhance performance, improve fuel efficiency, and reduce engine weight is projected to aid the market growth. Moreover, the rapidly growing preference for air travel due to availability of cheaper flight options is pushing the airline companies to increase the fleet size to meet the growing demand.  Additionally, the increasing investment in research and development (R&D) and rising defence expenditure for military aircrafts are expected to provide enhanced growth opportunities to the industry.

In 2020, the nationwide lockdowns and travel bans amidst the COVID-19 pandemic led to a steep decline in the global aviation industry, thereby significantly affecting the global market for aircraft engine during the same year. However, with ease in government restrictions, the market is projected to recover and reach pre -COVID levels in the forecast period.

Key Industry Players in the Global Aircraft Engine Market

The report presents a detailed analysis of the following key players in the global aircraft engine market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Honeywell International Inc.
  • Safran Group
  • General Electric Company
  • Rolls-Royce plc
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Engine Type
  • Wing Type
  • Aircraft Type
  • Region
Breakup by Engine Type
  • Turboprop
  • Turboshaft
  • Turbofan
  • Piston Engine
  • Others
Breakup by Wing Type
  • Fixed Wing
  • Rotary Wing
Breakup by Aircraft Type
  • Commercial
  • Military
  • General
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Honeywell International Inc.
  • Safran Group
  • General Electric Company
  • Rolls-Royce plc
  • Others
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Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

Aircraft Engine Market Report Snapshots

Aircraft Engine Market Size

Aircraft Engine Market Growth

Aircraft Engine Companies

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The global aircraft engine market is being aided by the growing demand for commercial aircraft engine, which reached a value of USD 95.1 billion in 2023.

The demand for commercial aircraft engine is expected to grow at a steady pace in the forecast period of 2024-2032 to attain USD 179.3 billion by 2032, further aiding the aircraft engine market.

The major market drivers include the increasing technological advancements in the aviation industry and the increasing focus of the aircraft component manufacturers to enhance performance, improve fuel efficiency, and reduce engine weight.

The growing availability of cheaper flight options, increasing investments in research and development (R&D) by leading companies, and rising defence expenditure for military aircrafts are the key trends augmenting the market growth.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The significant engine types considered in the market report are turboprop, turboshaft, turbofan, and piston engine, among others.

The major wing types in the market are fixed wing and rotary wing.

The different aircraft types considered in the market report are commercial, military, and general, among others.

The major players in the market are Honeywell International Inc., Safran Group, General Electric Company, and Rolls-Royce plc, among others.

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63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124